Rigetti Computing (NASDAQ:RGTI) Shares Gap Up – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) gapped up prior to trading on Friday . The stock had previously closed at $3.18, but opened at $3.33. Rigetti Computing shares last traded at $3.61, with a volume of 17,344,953 shares changing hands.

Analyst Ratings Changes

Several analysts have commented on RGTI shares. B. Riley upped their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th.

Rigetti Computing Stock Performance

The firm has a market cap of $842.27 million, a P/E ratio of -11.53 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock’s 50-day moving average is $1.53 and its 200 day moving average is $1.15.

Insiders Place Their Bets

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the completion of the sale, the director now directly owns 257,752 shares in the company, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,873,325 shares of company stock worth $4,896,028 over the last ninety days. 2.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RGTI. SG Americas Securities LLC acquired a new stake in Rigetti Computing in the 2nd quarter valued at $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of Rigetti Computing in the second quarter valued at about $27,000. Cetera Advisors LLC bought a new stake in Rigetti Computing during the first quarter worth about $38,000. Caprock Group LLC acquired a new position in Rigetti Computing during the second quarter valued at approximately $42,000. Finally, Arete Wealth Advisors LLC bought a new position in Rigetti Computing in the third quarter valued at approximately $45,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.